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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Falcon Oil & Gas Ltd. | LSE:FOG | London | Ordinary Share | CA3060711015 | COM SHS NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.60 | 6.50 | 6.70 | 6.60 | 6.60 | 6.60 | 0.00 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Crude Petroleum & Natural Gs | 0 | -3.34M | -0.0032 | -34.38 | 114.88M |
TIDMFOG
FALCON OIL & GAS LTD.
("Falcon")
Filing of Interim Financial Statements
25 November 2022 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its interim financial statements for the three and nine months ended 30 September 2022 and the accompanying Management's Discussion and Analysis ("MD&A").
The following should be read in conjunction with the complete unaudited unreviewed interim financial statements and the accompanying MD&A for the three and nine months ended 30 September 2022, which are available on the Canadian System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and on Falcon's website at www.falconoilandgas.com.
2022 financial highlights and other financial updates
-- Strong financial position, debt free with cash of US$16.9 million at 30 September 2022 (31 December 2021: US$8.9 million). -- Continued focus on cost management and the efficient operation of the portfolio.
CONTACT DETAILS:
Falcon Oil & Gas Ltd. +353 1 676 8702 Philip O'Quigley, CEO +353 87 814 7042 Anne Flynn, CFO +353 1 676 9162 Cenkos Securities plc (NOMAD & Broker) Neil McDonald / Derrick Lee +44 131 220 9771
Interim Condensed Consolidated Statement of Operations and Comprehensive Loss
(Unaudited)
Three months Three months Nine months Nine months ended 30 ended 30 ended 30 ended 30 September September September September 2022 2021 2022 2021 $'000 $'000 $'000 $'000 Revenue Oil and natural gas revenue - - - 2 - - - 2 Expenses Exploration and evaluation expenses (29) (46) (106) (128) General and administrative expenses (542) (665) (2,226) (2,327) Foreign exchange loss (116) (60) (290) (178) (687) (771) (2,622) (2,633) ----------------------------------- ------------ ------------ ------------ ------------ Results from operating activities (687) (771) (2,622) (2,631) Finance income 10 - 15 3 Finance expense (145) (71) (288) (197) Net finance expense (135) (71) (273) (194) Loss and comprehensive loss for the period (822) (842) (2,895) (2,825) Loss and comprehensive loss attributable to: Equity holders of the company (822) (841) (2,894) (2,823) Non-controlling interests - (1) (1) (2) Loss and comprehensive loss for the period (822) (842) (2,895) (2,825) ----------------------------------- ------------ ------------ ------------ ------------ Loss per share attributable to equity holders of the company: Basic and diluted (0.001 cent) (0.001 cent) (0.003 cent) (0.003 cent) ----------------------------------- ------------ ------------ ------------ ------------
Interim Condensed Consolidated Statement of Financial Position
(Unaudited)
At 30 September At 31 December 2022 2021 $'000 $'000 Assets Non-current assets Exploration and evaluation assets 40,270 40,197 Property, plant and equipment 9 13 Trade and other receivables 19 22 Restricted cash 1,920 2,239 42,218 42,471 ---------------------------------- --------------- -------------- Current assets Cash and cash equivalents 16,905 8,894 Trade and other receivables 97 74 17,002 8,968 ---------------------------------- --------------- -------------- Total assets 59,220 51,439 ----------------------------------- --------------- -------------- Equity and liabilities Equity attributable to owners of the parent Share capital 402,120 392,170 Contributed surplus 46,884 46,254 Retained deficit (402,760) (399,866) 46,244 38,558 Non-controlling interests 697 698 Total equity 46,941 39,256 ----------------------------------- --------------- -------------- Liabilities Non-current liabilities Decommissioning provision 11,949 11,775 11,949 11,775 ---------------------------------- --------------- -------------- Current liabilities Accounts payable and accrued expenses 330 408 330 408 Total liabilities 12,279 12,183 ----------------------------------- --------------- -------------- Total equity and liabilities 59,220 51,439 ----------------------------------- --------------- --------------
Interim Condensed Consolidated Statement of Cash Flows
(Unaudited)
Nine months ended 30 September 2022 2021 $'000 $'000 Cash flows from operating activities Net loss for the period (2,895) (2,825) Adjustments for: Share based compensation 630 981 Depreciation 4 3 Net finance expense 273 194 Effect of exchange rates on operating activities 290 178 Transfer of Canadian working interests - (28) Change in non-cash working capital: (Increase) / decrease in trade and other receivables (20) 23 Decrease in accounts payable and accrued expenses (68) (8) Net cash used in operating activities (1,786) (1,482) Cash flows from investing activities Interest received 15 3 Property plant and equipment - (13) Exploration and evaluation assets (70) (160) Net cash used in investing activities (55) (170) Cash flows from financing activities Net proceeds from private placement 9,950 - Net cash generated from financing activities 9,950 - Change in cash and cash equivalents 8,109 (1,652) Effect of exchange rates on cash and cash equivalents (98) (15) Cash and cash equivalents at beginning of period 8,894 11,036 Cash and cash equivalents at end of period 16,905 9,369 ---------------------------------------------- ------------- -------------
All dollar amounts in this document are in United States dollars "$", except as otherwise indicated.
About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.
For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon's filings with the Canadian securities regulators, which filings are available at www.sedar.com.
(END) Dow Jones Newswires
November 25, 2022 02:00 ET (07:00 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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